Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Gunsynd investors have seen their shares in the company jump Thursday following an announcement by its investee company, Pacific Nickel Resources, that it has completed an initial JORC mineral resource estimate for its licence at the Jejevo tenement on Isabel Island, Solomon Islands.
A JORC validation drilling programme was completed in June and has provided confirmation of historical drilling data.
Pacific Nickel estimates that Jejevo has 14.42 million tonnes at 1.29% nickel at a 1.0% nickel cut-off.
In addition, there is a conceptual resource extension target at Jejevo of a further 3 million to 5 million tonnes at 1.2% to 1.6% nickel.
Pacific Nickel holds 80% interest in two nickel projects, the Kolosori Project and the Jejevo Project, located on Isabel Island in the Solomon Islands. Both are at an advanced stage, direct shipping ore nickel laterite projects.
The JORC mineral resource estimate for the Jejevo and Kolosori projects combined totals 21.7 million tonnes at 1.35% nickel.
Hamish Harris, Executive Chairman at Gunsynd, commented: “It's pleasing to see momentum gathering on this project. Much progress has been made in 2021 and we look forward to receiving news on mining licence applications in the future”.
Gunsynd shares have jumped 2% to 1.12p following the announcement.
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